HIL breaks $1 resistance
On Friday February 1 Hills Industries closed at 95.5c having been in a trading range between 84 and 96c for the last 3 months.
Today at the open the price gapped 1.5c to 97c. Buyers then bid the share price higher in intra-day trading to a high of $1.08 before settling back to close at $1.06. The rise for the day was 10.5c or 11%. I haven’t yet worked out what caused the flurry of interest, but in the process resistance at 96c (the trading range) and at $1 (an old gap) have both been decisively broken.
The expectation after such a strong gain is for another day of higher prices tomorrow, unless countered by profit taking. Higher prices above $1.06 at tomorrow’s open would signify continuation of the impulsive move. A weakening of the share-price below today’s mid-range point at about $1.01 on the other hand could be expected to test support at 96c.
The next targets for the share-price are at $1.16 and $1.24.
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